Mr. Spencer Cole reports

VOX PROVIDES DEVELOPMENT AND EXPLORATION UPDATES

Vox Royalty Corp. has provided recent development and exploration updates from royalty operating partners Sibanye Stillwater Ltd., Jangada Mines PLC and Valore Metals Corp.

Kyle Floyd, Chief Executive Officer stated: "Building off of our recent Q1 2023 financial results, we are excited to share meaningful royalty operator developments including restart study progress at Limpopo and the successful extraction of titanium dioxide and vanadium pentoxide at the Pitombeiras ferrovanadium project. In addition, Valore is re-deploying capital and focus towards exploration drilling at the Pedra Branca PGM project. This continued progress supports management's confidence for medium-term organic revenue growth within the Vox royalty portfolio."

Key Updates

• Sibanye announced 2022 Mineral Resource Estimates and confirmed ongoing restart feasibility studies at Limpopo;
• Positive test results were received from the extraction of titanium dioxide and vanadium pentoxide over the Pitombeiras project held by Jangada, which supports the adaption of this technology to maximize resource recovery, reduce costs, and enhance Environmental, Social, and Governance ("ESG") performance; and
• Valore sold its Angilak property to raise C$3.6M for exploration drilling at the Pedra Branca PGM project in Brazil.

Limpopo (Feasibility - South Africa) - 2022 Mineral Resource Estimate & Ongoing Restart Studies

• Vox holds a 1% gross receipts royalty over the Dwaalkop Project and a 0.704% gross receipts royalty over the Messina Project, which collectively cover the full extent of the Limpopo platinum group metals ("PGM") project in South Africa;
• On April 24, 2023, as part of its annual resource and reserve statement, Sibanye announced that:
• Its attributable mineral resource estimate for Limpopo as of December 31, 2022(1), is as follows:
• Measured: 1.8Mt @ 4.2g/t for 0.2Moz PGM (0.3Moz on 100% basis);Indicated: 80.0Mt @ 4.1g/t for 10.5Moz PGM (17.6Moz on 100% basis);Inferred: 70.9Mt @ 4.0g/t for 9.2Moz PGM (14.2Moz on 100% basis);
• The Baobab property has the full surface and underground infrastructure to support a mining rate of 90ktpm. It has a vertical shaft to a depth of 450m. There is a 90,000tpm concentrator on the property. The Limpopo Baobab property was a producing operation that reached a maximum extraction rate of 75,000tpm before being placed on care and maintenance in early 2009. The concentrator plant is currently being leased to Anglo American Platinum; and
• According to Sibanye: "Due to the steep dip of the UG2 and Merensky Reefs, the project remains an attractive mechanisation option, which fits well with Sibanye-Stillwater's strategic goals. Development of the project remains subject to Group capital expenditure ranking."
• Vox Management Summary: Like Sibanye, Vox management believes that Limpopo remains an attractive mechanisation restart option that aligns with Sibanye's strategic goals and is underpinned by a globally significant PGM resource. Vox management eagerly awaits the completion of restart feasibility studies (expected later in 2023). Assuming such studies are completed prior to the end of 2023 with positive results, Vox is optimistic that an investment decision from Sibanye could be delivered in 2024.

Pitombeiras (Pre-Feasibility - Brazil) - Successful Extraction of TiO2 & V2O5

• Vox holds a 1% net smelter return royalty over the Pitombeiras vanadium-titanium-iron ore project in Brazil ("Pitombeiras")
• ;On April 13, 2023, Jangada announced:
• Positive test results were received regarding the extraction of high-grade titanium dioxide ("TiO2") and vanadium pentoxide ("V2O5") from the Pitombeiras project;
• Preliminary test works concentrated the Fe2O3, TiO2 and V2O5 with all upgrading well and excellent recovery and purity rates reported, the highest recovery rates being:
• 86.73% TiO2;
• 91.19% Fe2O3;
• 95.88% V2O5;
• Jangada's Board recognized that the work and the sustainable technology developed by Fodere Titanium Limited ("Fodere") could be applied to and improve the economic potential of Pitombeiras;The Fodere energy efficient technology has the potential to:
• Maximize resource recovery;
• Improve processing effectiveness;
• Reduce costs compared to regular processing routes;
• Minimize waste improving environmental credentials;
• Enhance ESG performance; and
• Jangada is now preparing 25 tonnes of material to be tested utilizing Fodere's technology on a larger scale, to finalize a commercial flowsheet and provide in-depth economics for a Preliminary Economic Assessment ("PEA") focused on the extraction of TiO2 and V2O5 from Pitombeiras.
• Vox Management Summary: The positive test results leveraging Fodere technology further supports Vox management's optimism in the near-term development potential for the Pitombeiras project. This technology has the potential to enhance the project's ESG performance, reduce costs and maximize resource recoveries.

Pedra Branca (PEA - Brazil) - C$3.6M Raised for Exploration Drilling

• Vox holds a 1% net smelter return royalty over the Pedra Branca PGM project in Brazil;
• On March 14, 2023 and April 21, 2023, Valore announced:
• Entry into a definitive agreement with Labrador Uranium Inc. ("Labrador") where Valore has agreed to sell Labrador a 100% interest in Valore's Angilak Property uranium project in Nunavut Territory; and
• Intentions to use the ~C$3.6M net proceeds from the sale of its Angilak property to conduct mineral exploration at Valore's Pedra Branca PGM project in Brazil and for general working capital purposes.
• Vox Management Summary: Valore's decision to divest its Angilak uranium project and redeploy the proceeds towards mineral exploration at Pedra Branca increases the potential of further discovery and resource expansion at Pedra Branca, which is already one of the largest PGM deposits in all of South America.

Qualified Person

Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a "Qualified Person" under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.

About Vox

Vox is a returns focused mining royalty company with a portfolio of over 60 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to target the highest returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 25 separate transactions to acquire over 50 royalties.

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